Indian Hotels associate company to invest in Innovative Marine

Innovative Marine Foods Ltd has announced that the Board of Directors of the Company at its meeting held on December 29, 2006, has considered the Order of the Hon'ble Board for Industrial & Financial Reconstruction (BIFR) dated December 08, 2006 issued on December 13, 2006 approving the modified Rehabilitation Scheme of the Company, for its implementation. The salient features of the said Order are:

1. That the promoters of the Company have identified M/s. Residency Foods & Beverages Ltd (RFBL) an Associate Company of Indian Hotels Company Ltd who have agreed to invest the funds into the Company through the Promoter Group Company, M/s. Amalgam Foods & Beverages Ltd (AFBL).

2. The RFBL has made the investment in AFBL and in turn, AFBL will arrange to settle the dues of the Company's Banks under the One Time Settlement arrangement.

3. After the settlement of the dues to the Company's Banks, the Company will carry out the reduction of capital by 90% in terms of the Order the Hon'ble BIFR.

4. After the reduction of Capital, AFBL will merge with the Company in order to facilitate the rehabilitation in accordance with the Scheme of Rehabilitation approved by the Hon'ble BIFR.

5. The whole Scheme of Amalgamation of AFBL with the Company and reduction of Capital of the Company is being implemented under the Order dated December 08, 2006 passed by the Hon’ble BIFR.

Source : Equity Bulls

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